Waddell & Reed sells Sands China stake

The US mutual fund house has sold its entire stake in the Macau casino operator but maintains a positive stance on the sector.

Waddell & Reed sells Sands China stake

US asset manager Waddell Reed sold its stake in the Macau casino operator Sands China on Wednesday, raising $1.4 billion in an accelerated block trade on the Hong Kong stock exchange.

Some 192.6 million shares were priced at HK$55.45 $7.15 per unit, a 4.8% discount to their May 27 close of HK$58.25 and towards the lower end of its initial HK$55.27 to HK$55.90 price range.

Bank of...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES